UAE Launches Jaywan: First Domestic Card Scheme To Enhance Digital Payments

Al Etihad Payments (AEP), a division of the Central Bank of the UAE, has confirmed that the financial infrastructure for Jaywan, the UAE's domestic card scheme, is ready for both local and international activation. This initiative aligns with the UAE's digital transformation strategy, aiming to position the country as a leader in digital payments globally.

The Jaywan scheme is designed to provide consumers and businesses with secure and efficient payment solutions. It aims to lower transaction costs by offering a local alternative, enhance efficiency through faster local payments using UAESWITCH, support economic growth, stimulate payment innovation, promote e-commerce, develop financial inclusion, and offer comprehensive financial services.

Jaywan cards will be available in various forms such as basic and premium options. These include debit, pre-paid, and credit cards usable across all payment channels like online transactions, ATM withdrawals, and point-of-sale terminals. Licensed financial institutions will offer two types of Jaywan cards: mono-badge for local use in GCC countries and co-badge cards for global use through partnerships with international payment schemes.

AEP has established agreements with major international payment networks like Discover, Mastercard, Visa, and UnionPay. These partnerships enable UAE customers to use Jaywan cards globally. Additionally, AEP has signed an MoU with Samsung Gulf Electronics to integrate Jaywan cards into Samsung Wallet for seamless smartphone payments.

The next phase involves integrating Jaywan with Google Pay and Apple Pay. Bilateral agreements with India are expected by mid-2025 to further extend Jaywan's reach beyond the UAE. An awareness campaign is planned for April 2025 to educate users on Jaywan's features and benefits.

Saif Humaid Al Dhaheri of CBUAE stated that "Jaywan is one of the key initiatives that aligns with the UAE’s wise vision and strategic aspirations for digital payments by localising card payment operations and enhancing the competitiveness of electronic payments." He emphasised reducing payment costs while accelerating digital transformation.

Jan Pilbauer, CEO of Al Etihad Payments, highlighted collaboration with industry stakeholders in developing this national card scheme. "We have worked closely with all industry stakeholders to build a brand-new national card scheme," he said. The focus remains on empowering users domestically while supporting UAE’s economic goals.

This initiative marks a significant step in creating a flexible infrastructure for future payments in line with the country's economic ambitions. The introduction of Jaywan reflects efforts to enhance financial services readiness for future challenges.

With inputs from WAM